Marissa! Mayer! out! as! Yahoo!-Verizon! closes

Mayer has been CEO of Yahoo since 2012, but used an email, posted on blogging site Tumblr, to inform staff that she will step down now that the deal has been completed.

Lowell McAdam, Verizon chairman and CEO, said in a statement last year: "Just over a year ago we acquired AOL to enhance our strategy of providing a cross-screen connection for consumers, creators and advertisers".

Internet pioneer Yahoo is officially no more, as Verizon's acquisition of the U.S. company was completed on June 13.

As expected, the deal is worth $4.5 billion and it also puts an end to Marissa Mayer's problematic five-year tenure as CEO of Yahoo. He has been leading integration planning teams since the Yahoo transaction was announced in July 2016, and began operations as Oath on Tuesday. Altaba will essentially be a holding company for the 15-percent stake Yahoo owns in Alibaba, its 35.5-percent ownership stake of Yahoo Japan, as well as patents and some other investments.

Ethan Miller/GettyVerizon has officially closed its $4.48 billion purchase of Yahoo, the company announced Tuesday.

The merger of Yahoo and AOL is an attempt by Verizon to create a third alternative in the internet advertising market, to compete with Facebook and Google.

The company will be led by Tim Armstrong, who was the CEO of AOL.

Filings to the Securities and Exchange Commission show that Mayer is most likely walking away from the company with a "golden parachute", a $23 million package made up of $3 million in cash and $20 million in equities.

The Yahoo name is going to disappear and the company is going to be approapriately called Oath. "Verizon wishes Mayer well in her future endeavors", said the press release from Verizon.

The $4.8 billion purchase of Yahoo, one of the oldest existing internet brands, had always been expected before the announcement in 2016.

Mayer went on to say that Yahoo has "confronted seemingly insurmountable business challenges, along with many surprise twists and turns" during her tenure. However, the Yahoo and AOL consumer brands will remain.

  • Zachary Reyes